Question: If the odds for pulling a prize out of the box are $3:4$, what is the probability of not pulling the prize out of the box? Express your answer as a common fraction.
If the odds for pulling a prize out of the box are $3:4$, that means that 3 out of 7 times will result in a prize, while 4 out of 7 times will not. So the probability of not pulling the prize out of the box is $\boxed{\frac{4}{7}}$.